According to the Newfoundland and Labrador Oil and Gas Industries Association (Noia), were the Atlantic province to successfully capitalize on its vast oil and natural gas potential, it could see the following benefits by 2033:

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Total employment supported by the industry across the province increasing to 56,000 jobs in Newfoundland and Labrador, plus an additional 22,700 jobs in the rest of Canada.

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More than$4.6 billion per year in labour income across the province.

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An increase in consumer spending to $3.5 billion per year.

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An increase in provincial government benefits through royalty and tax payments and equity to $6.7 billion in 2033.

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About Context: Energy Examined magazine

This magazine website is published by the Canadian Association of Petroleum Producers as part of an ongoing dialogue with Canadians. Context: Energy Examined aims to provide an engaging insider’s perspective for the public. Articles range from features on key and timely industry issues, profiles of people working in Canada’s oil and gas sector and educational content designed to build industry knowledge. Content is edited by CAPP Communications; questions on editorial content may be referred to context@capp.ca.